(Corrects reduction in poverty incidence to 18 percent, from
16.6 percent, in third paragraph)
SINGAPORE, April 21 (Reuters) - Philippine shares rose to
their highest in nearly nine months on Monday, boosted by the
government's revised infrastructure spending plan, while
holiday-thinned trade dragged on a mostly flat Southeast Asian
market.
In its first day of trade since last Wednesday, the
benchmark Philippine Index edged up 1.4 percent, its
highest since July 2013. The market was buoyed by news of the
Aquino administration's revised Philippine Development Plan.
Among the more ambitious aspects of the plan are a reduction
in poverty incidence from 25.2 percent in 2012 to 18 percent in
2016. Infrastructure spending is also set to rise to 5 percent
of GDP compared to less than 3 percent in 2013.
Gains were led by property developer SM Prime Holdings
and telecommunications firm Philippines Long Distance
Telephone Co which rose 4 percent and 3.6 percent
respectively.
Other Southeast Asian markets edged up slightly on the back
of weak trading activity following the Easter holidays, with
Malaysia among the top gainers, rising 0.5 percent to hit its
highest in two-and-a-half weeks.
"There's been a hangover from the long weekend and the
markets are still lacking direction," said a Singapore-based
trader from UOB. "People are settling down after the M&A
euphoria from the previous weeks."
Singapore, Vietnam and Indonesia
were all slightly higher.
Markets in Hong Kong, Australia and New Zealand remain
closed for the Easter Holidays.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 421.77 421.13 +0.15
Singapore 3256.68 3253.80 +0.09
Kuala Lumpur 1862.62 1852.69 +0.54
Bangkok 1412.82 1409.18 +0.26
Jakarta 4900.80 4897.05 +0.08
Manila 6761.28 6671.18 +1.35
Ho Chi Minh 565.97 565.33 +0.11
(Reporting by Andrew Toh; Editing by Sunil Nair)